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The adjusted trial balance of Amborse Corporation at December 31 shows that sales revenue for the year was $520,000 and other revenue was $49,000. Cost of goods sold for that same period was $290,000, while other expenses totaled $190,000. The corporation declared and paid dividends of $17,000 during the year. The balance of retained earnings before closing entries was $460,000.  1. Prepare the closing entries for revenues, expenses, and dividends for the year.  2. What was net income for the year? 3. What is the ending balance of retained earnings after the closing entries are posted?

The adjusted trial balance of Amborse Corporation at December 31 shows that sales revenue for the year was $520,000 and other revenue was $49,000. Cost of goods sold for that same period was $290,000, while other expenses totaled $190,000. The corporation declared and paid dividends of $17,000 during the year. The balance of retained earnings before closing entries was $460,000.  1. Prepare the closing entries for revenues, expenses, and dividends for the year.  2. What was net income for the year? 3. What is the ending balance of retained earnings after the closing entries are posted?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The adjusted trial balance of Amborse Corporation at December 31 shows that sales revenue for the year was $520,000 and other revenue was $49,000. Cost of goods sold for that same period was $290,000, while other expenses totaled $190,000. The corporation declared and paid dividends of $17,000 during the year. The balance of retained earnings before closing entries was $460,000. 

1. Prepare the closing entries for revenues, expenses, and dividends for the year. 
2. What was net income for the year?

3. What is the ending balance of retained earnings after the closing entries are posted?

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